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On Thursday evening, while unconfirmed reports spread about a shooting at Brown University, CNN’s Kaitlan Collins took to social media, highlighting the uncertainty and guiding the public to her channel's 9pm newscast.

Although CNN is certainly not a flawless news source, her statement rang true for numerous observers. It stands as one of the outlets where you can find fact-based and largely reliable reporting – notably during fast-moving events such as the one unfolding in the vicinity of a New Hampshire storage facility.

A Precarious Position Amid a Corporate Battle

Yet the news network, now four and a half decades old, finds itself in a vulnerable position as two giant media conglomerates vie for ownership of its parent company, Warner Bros Discovery.

No matter the result, the destiny of CNN has become part of a high-stakes game of corporate ownership, not as a question of what helps the news-consuming public.

“This is yet another example of the fundamental flaws with roots in decades of policy decisions,” stated Victor Pickard, writer of “Democracy Without Journalism?” and a professor of media policy at the Pennsylvania University.

The speculation about who will own Warner Bros Discovery – is it going to be Netflix or Paramount Skydance? – overlooks a larger point.

“It is often framed as a financial tale with powerful individuals as the main characters, but there is scant discussion of the societal benefit,” Pickard added.

The Additional Layer: The Former President

The network's predicament is further muddied by Donald Trump’s views about a network he has long portrayed as perhaps his primary “fake news” antagonist.

Remember the chants of “CNN sucks!” at his rallies, his team's disciplinary withdrawal of reporter Jim Acosta’s press credentials, or his sparring with Collins in White House briefings.

Trump now asserts that the network requires new ownership. Many see this as a desire for ownership that will insulate him from criticism and scrutiny. That is one reason why he appears to support Paramount Skydance, which has made a unsolicited offer.

There is a basis to favor that company more. For one thing, it is led by David Ellison, son of the ally of Trump Larry Ellison, one of the world’s richest people.

Paramount, owner of CBS News, also recently placed the conservative Bari Weiss, noted for her “anti-woke” beliefs, as the editor-in-chief of that venerable news network.

An Outcome of Continued Turmoil

Notably, if Netflix prevails, CNN and other cable outlets would first be carved out into a standalone company. That would be a relief to many at the network, but it’s hardly a safe harbor. That arrangement could pave the way for CNN for yet another acquisition. There is no finish line.

If you ask Timothy Wu, much of this is a violation of antitrust statutes, anyway. The well-known analyst of big tech’s dominance wrote recently that anti-trust laws should prohibit both deals.

“Both acquisition attempts would be harmful to the country, and both should be challenged by anti-trust authorities,” Wu recently wrote.

The Fundamental Issue and a Potential Solution

No matter the outcome regarding CNN, the larger issue persists.

“What we have now is a highly anti-democratic system, but we must resist the belief that change is impossible,” Pickard said. Policy decisions – from the 1930s and 1940s – helped to create this profit-obsessed monster, and revised policy decisions can fix it.

Will that happen in an era where the head of the FCC refuses to acknowledge that the agency is independent? Overhaul is very unlikely now, but that doesn’t mean it will be impossible forever.

Policies that strengthen independent news organizations, bolster local journalism, subsidize public media, and prohibit the concentration of media power in too few hands are within reach – they are vital for a healthy democracy.

In the world of media ownership, bigger isn’t better. And news organizations including CNN cannot be pieces in the newest merger game.